In the meantime we are talking to the property manager to find other STR's in the area so we can support a fair market STR rent. 

Tenants in many markets already believe they pay too much (contrary to recent studies that show rent to property values have never been lower for the large US cities).If my insurance costs are not double my current rates over the next couple years, I will be pleasantly surprised.  

I received immediate, good response to my marketing on Zillow, Trulia, and Hot Pads.

Great marketing material on. 

Every Market (Detroit) is made up of a series of Micro-markets (neighborhoods) of which they are all different in cost, value, cash flow, rents, etc...

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

I like working with lenders who are familiar and reputable in the market you are investing in.

It's a good time to review markets, but living in China there are a lot of other closer, international markets that could be options as well.

Focus on affordable markets, build a strong network, and continually educate yourself through books, podcasts, and deal analysis to steadily expand your portfolio.Good luck!

Use tools like AirDNA or Mashvisor to provide market data on projected rental income and occupancy rates, and make sure your lender works with appraisers familiar with short-term rentals.